Vermont Expects Banner Captive Year
By Caroline McDonald
NU Online News Service, July 22, 2:06 p.m. EST?The hard market and availability problems for medical practitioners have led to a record half-year in 2002 for the Vermont captive insurance market, according to the state's director of captive insurance.
Vermont to-date has licensed 27 captives, "a record first and second quarter," said Leonard Crouse, director of captive insurance for the Vermont Department of Banking, Insurance and Securities, in Montpelier.
Vermont also has six captives "in-house that are pending, and we probably have four or five meetings set up in the next two or three weeks," for new captives, he said.
Mr. Crouse said that the trend now is in group captive programs "because of the market being so hard and the plight of the medical business, doctors and hospitals."
Vermont closed 2001 with 38 new captives?37 pure captives set up by organizations and one group or sponsored captive?for a total of 527 at year-end, according to the department. Companies forming new captives include Electronic Data Systems, Premera Blue Cross, Compass Bank and National Union Fire Insurance Company of Pittsburgh.
"These are busy, busy times," Mr. Crouse added.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.